欢迎来到天天文库
浏览记录
ID:33945595
大小:203.28 KB
页数:10页
时间:2019-03-01
《What caused stocks to correct.pdf》由会员上传分享,免费在线阅读,更多相关内容在学术论文-天天文库。
1、RichardKooEQUITYRESEARCHJune4,2013Whatcausedstockstocorrect?Stockmarketsaroundtheworldhaveundergoneacorrectionoverthepasttwoweeks,butJapaneseequitiesexperiencedbyfarthesharpesthit.TheyenalsostrengthenedRichardKooischiefeconomistatNomuraResearchInstitute.Thisishistosomeextent
2、againstothercurrencies,signalingapossibleendtothetrendofaweakpersonalview.yenandarisingstockmarket.ReasonscitedfortheequityselloffincludeFedChairmanBenBernanke’sremarksaboutendingquantitativeeasingandaweakerthanexpected(preliminary)ChinesePMIreadingRichardKoor-koo@nri.co.jpf
3、romHSBCon23May.However,Ithinkamorefundamentalfactorwasalsoinvolved:stockshadrisenfarabovetheleveljustifiedbyimprovementsintherealeconomy.Theyen’sdeclineandthestockmarketgainsthatfollowedtheannouncementofAbenomicsattheendoflastyearclearlyoutpacedtheeconomicrecovery.Toreceivet
4、hispublication,pleaseTheprevailingviewisthatwearefinallyseeingareactiontothisexcessivelyrapidmove,contactyourlocalNomuraandifsothisisahealthycorrection.Thereality,however,maybesomewhatmorerepresentative.complicated.Divergenceininvestorbehaviorfueledvirtuouscycleofloweryenand
5、higherstocksMorespecifically,thesharpriseinequitiesthatlastedfromlatein2012untilafewweeksagoandtheseveralvirtuouscyclesthatfueledthistrendwerethemselvesmadepossiblebyaspecialsetofcircumstances.WhereasoverseasinvestorsrespondedtoAbenomicsbysellingtheyenandbuyingJapanesestocks
6、,Japaneseinstitutionalinvestorsinitiallyrefusedtojoinin,choosinginsteadtostayinthebondmarket.Becauseofthatdecision,long-terminterestratesdidnotrise.ThatreassuredinvestorsinsideandoutsideJapanwhoweresellingtheyenandbuyingJapaneseequities,givingaddedimpetustothetrend.Japanesei
7、nstitutionalinvestorsunderstandprivatedemandforfundsisnegligibleThenextquestioniswhydomesticandoverseasinvestorsrespondedsodifferentlytoAbenomics.Oneansweristhatmanydomesticinstitutionalinvestorsunderstoodthatprivate-sectorborrowinginJapanisnegligibleinspiteofzerointerestrat
8、esandthattherewasnoreasonwhymonetaryaccommodation—includingtheBOJ’squantita
此文档下载收益归作者所有